LONG BEACH, Calif. U.S.A. (May 31, 2006)--- Panama’s number one coffee, from Hacienda la Esmeralda, once again set an online coffee auction record when it sold for over $50 dollars a pound during an online auction on May 30th. Hacienda la Esmeralda placed first in the “Best of Panama” cupping competition in April with a score of 94.6 out of 100.

Competition was active on many of the lots offered during internet auction, which lasted 10 hours as several bidders were after the small lot of five 60-kilo bags of Hacienda la Esmeralda, as well Bambito Estates and Carmen Estates, which placed second and third in the competition, respectively, and also received high prices. When the auction closed, Hacienda la Esmeralda had sold for a stunning price of $50.25 a pound. Commercial-grade coffee is currently trading in commodity markets for just over $1 a pound.

Price Peterson of Hacienda la Esmeralda said, “It is events like this, and the great response of the buyers, that is like a cheering section for us farmers. It tells us that someone out there really appreciates the effort we put into preparing our coffee and, even if the commodity prices do not reflect it, someone up north cares. Everyone likes to feel that.”

The online auction was hosted by the Specialty Coffee Association of America (SCAA). Ted Lingle, SCAA’s executive director, said, “When you consider the average price paid for these 31 lots was $4.75, it is clear that Panama is producing high quality coffee and has captured the attention of roasters who are interested in only the best.”

In addition to Hacienda la Esmeralda, thirty additional lots totaling over 33,000 pounds of high scoring coffee from the “Best of Panama” were also sold in the online auction, fetching prices from $1.50 to $14.20 a pound. To view the results of the auction, visit: Click Here (auction.stoneworks.com)